MTN Group, a South African Pan-African mobile phone company, has agreed to acquire the remaining shares of IHS Towers that it does not already own, in an all-cash transaction valuing the communications infrastructure operator at approximately $6.2 billion. The deal will see IHS Towers delisted from the New York Stock Exchange, consolidating one of Africa’s largest tower portfolios under the continent’s biggest mobile network operator, MTN.
Under the terms of the agreement, shareholders will receive $8.50 per ordinary share in cash, representing a 36% premium to the company’s 52-week volume-weighted average price as of 4 February 2026. The offer also stands at a modest premium to IHS’s unaffected closing price and marks a substantial uplift from valuation levels during the company’s 2024 strategic review.
The board of IHS Towers has unanimously approved the transaction and recommended it to shareholders. MTN, which already holds roughly 24% of IHS on a fully diluted basis, has committed to vote its shares in favour of the deal. Long-term investor Wendel has also pledged support, pushing early backing for the transaction beyond 40%.
Strategic Shift Toward Infrastructure
The acquisition signals a notable strategic evolution for MTN. Over the past decade, telecom operators across emerging markets divested tower assets to specialist infrastructure firms to reduce leverage and unlock capital. MTN was among those that embraced the asset-light model.
However, as data consumption accelerates and digital connectivity becomes central to economic growth, operators are increasingly reassessing the value of infrastructure ownership. By moving to fully integrate IHS Towers, MTN is effectively transitioning from a predominantly consumer-focused telecoms provider toward a more infrastructure-led business model.
Industry analysts note that this mirrors a broader trend across African telecom markets, where infrastructure control is being viewed as a long-term competitive advantage rather than a capital burden.
Strengthening Control Over Critical Assets
Ralph Mupita, MTN Group President and Chief Executive Officer, described the transaction as a pivotal step for the company’s future positioning.
“This proposed transaction strengthens MTN’s strategic and financial position for a future where digital infrastructure will become ever more essential to Africa’s growth and development,” Mupita said. “It provides a unique opportunity to regain direct control of our tower assets and deepen our role as partners for progress in the markets where we operate.”
He added that MTN remains committed to maintaining high governance and service standards for customers and partners across the continent.
IHS Towers’ Continental Footprint
Founded in 2001, IHS Towers grew from a single-market operator into one of the world’s largest independent owners and developers of shared communications infrastructure. The company currently manages more than 37,000 towers across key African markets, including Nigeria, South Africa, Cameroon, Côte d’Ivoire, and Zambia, alongside operations in Latin America.
Globally, IHS Towers is recognised as the fifth-largest independent multinational tower company, with a portfolio that at its peak spanned approximately 40,000 towers across eleven countries.
Sam Darwish, Chairman and Chief Executive Officer of IHS Towers, said the agreement delivers certainty and immediate value for shareholders.
“The transaction enables investors to crystallise the significant value generated during our strategic review, while deepening our long-standing partnership with MTN,” Darwish said. “It underscores the strong connection between IHS Towers and the African continent.”
Funding Structure and Conditions
The acquisition will be financed through a combination of MTN’s existing shareholding rollover, approximately $1.1 billion in cash from MTN, funds from IHS’s balance sheet, and the continuation of existing debt facilities. The deal is expected to close later in 2026, subject to shareholder and regulatory approvals.
Completion is partly contingent on IHS Towers divesting its Latin American operations and fibre assets, aligning the business more closely with MTN’s African-focused strategy.
Market Implications
If finalised, the deal will reshape ownership dynamics within Africa’s tower industry, consolidating infrastructure assets at a time when digital connectivity, 5G expansion, and network densification are driving fresh investment cycles.
The transaction also highlights the growing strategic importance of infrastructure assets — a view long emphasised by players such as Econet and its founder Strive Masiyiwa, whose organic expansion into infrastructure has often been cited as an early recognition of shifting market economics.
As telecom operators increasingly compete not only on subscribers but on network quality, capacity, and digital ecosystems, ownership of underlying infrastructure is rapidly re-emerging as a defining battleground.
